HV MANAGEMENT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HV MANAGEMENT
Largest movements
- Receivables within one year +€65,257
up €65,257 (+118%), from €55,520 to €120,777
of which Other amounts receivable: +€36,517
- Tangible fixed assets -€3,542
down €3,542 (-39.2%), from €9,045 to €5,503
of which Furniture and vehicles: -€2,623
- Advances received +€43,560
new in 2025: €43,560
- Reserves +€21,961
up €21,961 (+124%), from €17,711 to €39,672
- Other debts -€14,479
down €14,479 (-100%), from €14,479 to €0
- Tax, wage and social debts +€8,203
up €8,203 (+482%), from €1,701 to €9,903
- Trade debts +€2,436
up €2,436 (+42.6%), from €5,718 to €8,154
- Gross operating margin +€29,502
up €29,502 (+480%), from €6,150 to €35,652
- Taxes +€7,832
up €7,832 (+1,799%), from €435 to €8,268
- Financial charges +€948
up €948 (+1,468%), from €65 to €1,013
- Other operating charges +€378
up €378 (+74.8%), from €505 to €884
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €64,608 | €126,289 | +€61,681 | +95.5% |
| Fixed assets | 21/28 | €9,045 | €5,503 | -€3,542 | -39.2% |
| Tangible fixed assets | 22/27 | €9,045 | €5,503 | -€3,542 | -39.2% |
| Plant, machinery and equipment | 23 | €1,998 | €1,079 | -€919 | -46.0% |
| Furniture and vehicles | 24 | €7,047 | €4,424 | -€2,623 | -37.2% |
| Current assets | 29/58 | €55,563 | €120,786 | +€65,223 | +117% |
| Amounts receivable within one year | 40/41 | €55,520 | €120,777 | +€65,257 | +118% |
| Trade receivables | 40 | €36,520 | €65,260 | +€28,740 | +78.7% |
| Other amounts receivable | 41 | €19,000 | €55,517 | +€36,517 | +192% |
| Cash at bank and in hand | 54/58 | €43 | €9 | -€34 | -78.8% |
| Total equity and liabilities | 10/49 | €64,608 | €126,289 | +€61,681 | +95.5% |
| Equity | 10/15 | €42,711 | €64,672 | +€21,961 | +51.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €17,711 | €39,672 | +€21,961 | +124% |
| Distributable reserves | 133 | €17,711 | €39,672 | +€21,961 | +124% |
| Amounts payable | 17/49 | €21,898 | €61,617 | +€39,720 | +181% |
| Amounts payable within one year | 42/48 | €21,898 | €61,617 | +€39,720 | +181% |
| Trade debts | 44 | €5,718 | €8,154 | +€2,436 | +42.6% |
| Suppliers | 440/4 | €5,718 | €8,154 | +€2,436 | +42.6% |
| Advances received on contracts in progress | 46 | - | €43,560 | +€43,560 | |
| Taxes, remuneration and social security | 45 | €1,701 | €9,903 | +€8,203 | +482% |
| Taxes | 450/3 | €1,701 | €9,903 | +€8,203 | +482% |
| Other amounts payable | 47/48 | €14,479 | €0 | -€14,479 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,662 | €3,542 | -€120 | -3.3% |
| Other operating charges | 640/8 | €505 | €884 | +€378 | +74.8% |
| Gross operating margin | 9900 | €6,150 | €35,652 | +€29,502 | +480% |
| Operating profit (loss) | 9901 | €1,983 | €31,226 | +€29,243 | +1,475% |
| Financial income | 75/76B | - | €16 | +€16 | |
| Recurring financial income | 75 | - | €16 | +€16 | |
| Financial charges | 65/66B | €65 | €1,013 | +€948 | +1,468% |
| Recurring financial charges | 65 | €65 | €1,013 | +€948 | +1,468% |
| Profit (loss) for the period before taxes | 9903 | €1,918 | €30,229 | +€28,311 | +1,476% |
| Income taxes | 67/77 | €435 | €8,268 | +€7,832 | +1,799% |
| Profit (loss) for the period | 9904 | €1,482 | €21,961 | +€20,479 | +1,381% |
| Profit (loss) for the period to be appropriated | 9905 | €1,482 | €21,961 | +€20,479 | +1,381% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.